For the first time in more than a decade, the average U.S. homeowner with a mortgage has less home equity than they did a year earlier.
Among the roughly 63% of U.S. homes with a mortgage, average homeowner equity per borrower was $274,070 in the first quarter, down 1.9% from the same quarter last year, according to real estate data tracker CoreLogic.
Homeowner equity, which represents the current value of the property minus what’s still owed on the mortgage, tends to rise and fall along with home prices. The slowdown has also weighed on home prices. Despite rising in January, the national median home price has since fallen, most recently in April, when it slid 1.7% from a year earlier to $388,800.
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